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《大行报告》摩通上调融创(01918.HK)目标价至40.5元 评级「增持」
阿思达克 01-20 09:58
摩根大通发表的研究报告指,融创中国(01918.HK)去年大幅跑输大市,主要因为市场担心「三道红线」将拖累公司增长,不过出售金科地产(000656.SZ)持股及分拆融创服务(01516.HK)後,配合2020年土地资本开支有限,公司已有效减低净债务,另一方面公司在贝壳找房(BEKE.US)的持股获重估,相信已解决「三道红线」内其中两道,并移除了重大风险。

摩通料2021年公司合约销售将升约10%。该行指出虽然今年以来股价反弹,但撇除融创服务後,现估值仅相当於去年11月底的水平,相当於2021年预测市盈率2.9倍,反映今年以来的重估大多是受惠融创服务的持股而非物业发展业务,认为存在上行空间,将其目标价由35元升至40.5元,评级「增持」。

该行估计公司去年底净负债水平约99%,并将录145亿元人民币(下同)额外收益,加上核心净利约300亿元,带动去年净利升至460亿元,相对2019年升约75%,故料公司将发盈喜。

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